politics

Corporations Steal

It’s No Crime For Corporations To Steal From the Public, or the Poor

BlackAgendaReport, Sept 21, 2016

After 8 years of the first black president, we look at the Obama administration’s abysmal record on corporate crime, in which Democrats went far beyond the atrocities of their Republican colleagues to protect and immunize corporate thieves from prosecution or lawsuits from their victims.

Look at the Obama legacy on how the federal government treats those who steal from the public or from the poor.

The current bankster scam in the news right now is Wells Fargo, whose bosses deliberately incentivized thousands of $12 an hour employees to buckle down and sell connected financial services to customers who did not need or want them in order to keep their jobs or be eligible for promotion. For the record, Wells Fargo is not the only bank to do this, it’s been a standard kind of corrupt bankster move all over the world for decades. Wells Fargo made billions doing it this time alone.

So how do scamming banksters get handled in the age of Obama?

The answer is that a thousand or two bank workers will be disciplined or fired. For a small fine, a mere fraction of what its executives stole, Wells Fargo got the Obama Justice Department to co-sign on their professed innocence of any crime and to guarantee their immunity to lawsuits filed by the people they robbed.

Obama’s first attorney general famously declared the banksters too big to prosecute or even investigate, and his second attorney general wrote the fine print on the similar “get out of jail free” and the “can’t be sued by the people I robbed” cards Goldman Sachs, Bank of America, and of course Wells Fargo received in 2008-09. In 8 years Democrat Barack Obama has gone further to protect criminal banksters and their investors than any Republican dared go before him.

Take a quick look at the Obama administration’s handling another kind of theft from the poor, wage theft.

Economist Richard Wolff estimates the yearly value of wages which employers refuse to pay, illegally withhold or otherwise steal from their workers in this country at several times the value of all the reported burglaries and armed robberies. Employers traditionally are not prosecuted, and in Los Angeles it’s reported that 83% of workers who WIN a case filed for stolen wages against an employer never recover a cent. Wage theft seems to be an area where little has changed. Previous administrations never bothered themselves about it, and neither did the Obama administration.

Finally not even the briefest of Barack Obama legacy on elite financial crime is incomplete without noting the president’s role in the massive expansion of the charter school racket. The Obama administration spent $4 billion in federal stimulus money outside any congressional or other oversight to incentivize the closing of thousands of so-called “underperforming public schools” mostly in black and poor communities. The near-complete absence of public accountability on the part of charter schools predictably ushered in a nationwide white collar crime wave, as charter school operators, their officers, contractors and their sugar daddy investors scrambled for shares of the cash that used to go to public education.

Thus the past 8 years reveal the definitive Obama legacy on elite financial crime. It’s not just too big to jail. It’s simply not punishable, or even investigatable as long as you steal from the poor or from the public.